0 Balance Transfer Cards with No Fee
Intro: Getting a 0 balance transfer card with no fee can be a great way to save money on interest and consolidate debt. In this comprehensive direct, we’ll talk about the benefits of adjust exchange cards, components to consider when choosing one, and give a list of the best cards in 2023 that offer intro APR periods without an yearly charge.
We are going moreover reply a few regularly inquired questions approximately these cards to assist you decide on the off chance that one is right for your monetary circumstance.
With intrigued rates on the rise, credit card obligation can rapidly gotten to be overpowering. The normal family carries about $6,500 in credit card obligation alone. Once you include within the twofold digit intrigued rates numerous cards charge, the full taken a toll of reimbursement moreover proceeds to develop. This makes it greatly troublesome for buyers to pay down their equalizations in a opportune way.
However, 0 balance transfer credit cards can provide much needed relief. These cards offer introductory 0% APR periods specifically for transferring over and consolidating existing credit card balances. This allows consumers to save a tremendous amount on interest by putting a temporary halt on accumulating more finance charges. Ultimately this makes balances easier to repay.
When searching for the best 0 balance transfer cards with no fee, there are a few key factors to look for. The length of the intro 0% APR promotional period is extremely important. Look for cards that provide at least 12 months and ideally up to 18 months interest-free to ensure you have enough time to pay off debts. Also be sure to avoid cards that charge balance transfer fees, as these can negate the savings from a 0% offer.
It’s also important to review the credit requirements of 0 balance transfer cards carefully. Most require good to excellent credit for approval. Check your credit score before applying and consider options like pre-qualification. After the introductory period ends, look for cards with competitive ongoing purchase and balance AP
Benefits of 0 Balance Transfer Cards with No Annual Fee
- Pay no interest for an intro 0% APR period. This allows you time to pay off balances without accumulating more interest charges. Intro periods typically last from 12-21 months.
- Consolidate multiple high-interest debts onto one card. This simplifies repayment and makes it easier to pay off balances faster.
- Avoid balance transfer fees. Many cards charge a fee, usually 3-5% of the transferred amount. Cards with no fees allow you to transfer for free.
- Establish or rebuild your credit. Access to card benefits and rewards. Some cards offer additional perks like cash back, points, etc.
Factors to Consider When Choosing a 0 Balance Transfer Card
- Length of 0% intro APR period. Look for at least 12-15 months interest-free to provide enough time to pay off balances.
- Balance transfer fee. Opt for cards that don’t charge this, allowing you to transfer balances for free.
- Balance transfer policy and limits. Know the minimum/maximum amounts you can transfer.
- Ongoing APR after intro period. Look for competitive long-term purchase/balance APRs.
- Credit required. Check you qualify for the card based on your credit score/history.
- Other fees. Watch out for annual, foreign transaction, cash advance, etc fees.
- Rewards and card benefits. Consider if you want additional perks like cash back, points, etc.
Best 0 Balance Transfer Cards with No Fee
Based on the above criteria, here are our top picks:
Wells Fargo Reflect
- 0% intro APR for 18 months on purchases and balance transfers
- No annual fee
- No balance transfer fees
- Balance transfers allowed within first 120 days
- Intro purchase APR 0%, then 14.99% – 24.99% variable
The Wells Fargo Reflect offers one of the longest 0% intro periods at 18 months. New cardholders can also take advantage of no balance transfer fees when moving existing balances over within the first 4 months. This makes it easy to consolidate high interest debts while paying no interest.
Citi Simplicity
- 0% intro APR on balance transfers for 21 months
- No annual fee
- No late fees or penalty rates
- Intro balance transfer APR 0%, then 16.24% – 26.24% variable
- No balance transfer fees on transfers made within first 4 months
Citi Simplicity provides a 0% intro rate for nearly two years on balance transfers made within the first 4 months. The card has no late fees or penalty interest rates, plus no annual fee. After the intro period, an ongoing variable APR applies.
Chase Slate Edge
- 0% intro APR for 15 months on purchases and balance transfers
- No annual fee
- $0 balance transfer fee
- Intro purchase APR 0%, then 16.49% – 25.24% variable
- Credit required: Good to Excellent credit
Chase Slate Edge offers 0% interest on purchases and balance transfers for 15 months with no transfer fees. This gives you over a year to pay off existing balances without interest charges. After the intro period, an ongoing variable APR will apply. The card requires good to excellent credit for approval.
BankAmericard
- 0% intro APR for 18 months on balance transfers
- No annual fee
- No balance transfer fees
- Credit required: Good to Excellent
- Intro balance transfer APR 0%, then 16.49% – 26.49% variable
BankAmericard has one of the longest 0% intro periods at 18 months for completing balance transfers within the first 60 days. It charges no annual fee nor balance transfer fees.
Discover it Balance Transfer
- 0% intro APR on balance transfers for 18 months
- No annual fee
- No balance transfer fees
- Intro purchase APR 0%, then 13.49% – 24.49% variable
- Cashback rewards program
Discover it Balance Transfer offers an 18-month 0% intro APR on balance transfers with no transfer fees. Cardholders can also earn cashback rewards on purchases and get access to Discover benefits like free credit scores.
Some FAQs
How do 0 balance transfer cards work?
0 balance transfer cards allow you to transfer debt from other credit cards onto the new card. You will not pay interest on transferred balances during the 0% intro APR period, allowing you time to pay off balances. Any new purchases will be charged interest unless there is also a 0% intro purchase APR.
What credit score is needed?
Most 0 balance transfer cards require good to excellent credit, generally FICO scores above 670. Those with fair credit have fewer options. Some issuers allow pre-qualification to see if you are likely to get approved.
Can you transfer balances from any credit card?
Most balance transfers can be made from credit cards and lines of credit from other banks. It is best to verify with the card issuer. Transfers usually cannot be made from store cards or private loans.
Is there a balance transfer limit?
Each card sets their own maximum limits on how much you can transfer, often $5,000 – $15,000. The minimum is usually around $100. Be sure to check transfer minimums/maximums before applying.
When should you start and stop balance transfers?
It’s ideal to request transfers as soon as possible to maximize the 0% intro period. Stop transferring balances before the intro APR expires to avoid interest. Leave enough time to pay off balances.
Conclusion
0 balance transfer cards with no fee allow consumers to consolidate high-interest debts, avoid finance charges, and simplify repayment – ultimately saving money. Choosing the right card means weighing factors like the length of the 0% period, limits on transfers, credit requirements, and additional benefits. Our top recommended cards provide at least 12 months of 0% intro APR while charging no balance transfer fees nor annual fees. Using this guide can help you select a card that meets your financial needs and pays off balances faster..